Lawmakers are expected to press yellen for a timetable when rates rise for making progress. Really to talk all things fed and the economy, we have Paul Macaulay joining us on set for two hours, starting at 7 00 eastern time. Then at 8 15 eastern time, we have senator Heidi Heitkamp. Also in our lineup, gard bernstein and larry kudlow. Both of them will testify today at a hearing. Andrew, ill send it over to you. Thank you, becky. Its nice to see were altogether, everybody. Were all back together. Lets talk about Corporate News this morning. The Justice Department reportedly investigating possible pricing coordination among Music Publishing companies. The wall street journal reporting that the doj is now reviewing decades old rules. Joe, are you a pandora user . No. Thats half of what this is about. Theres a view that sony some some of the other guys have gotten together and tried to make the price of music and i know you listen to all these songs on satellite radio and elsewhere. For new entrants to come in, theyve made it different than some of the streaming stuff. Dish network, this could impact us in a strange way, they just won their latest Court Decision on the, quote, ad hopper. I dont know if you know about this device. The federal appeal escort ruling that customers can continue to use the dvrs. You can watch tv remotely live and transfer the programs to mobile devices. The Supreme Court had ruled on aerial, which is similar in some ways, but not other ways. The network sued dish two years ago along with abc and cbs and are you wondering about this thing . Youve seen the commercials, right . I think everybody in the world has seen those object knox yush commercials, right . Everybody has seen those. Theres a lot of different variations of it. Dozens. And every single one, is it a boston accent . Yeah. And theyre everywhere, saying hopper. Now theres a i think its a kangaroo sitting in the front seeing saying hopper and the kids are in the car. Right. You dont watch tv, really. And the kids are in the back screaming and the mother and the kangaroo says i can get all the movies that youve got, whatever. Its done all the time. Years ago. Years ago. The guys in the house. Where is the hopper . Theres a bunch of new ones where theres a kangaroo sitting in there. Im not familiar with pandora, but i dont want to open up a pandoras box. Isnt that a bad thing to do . Never want to open up pandoras box. Isnt it like letting the caugcat out of the bag or something . Thats like opening a can of worms. Thats a jeanie out of the bottle, its humpty dumpy out of the bottle. Im going to open up pandoras box and give you the final headline of the morning. That makes no sense. Were watching shares of apollo education group. It has been formed by the department of education and it intends to conduct a review of the university of phoenixs Financial Aid program. Theres been lots of debate about that program and about for Profit Education thats taking place over the past two years. Israel is stepping autopsy ceasefire plan, but hamas is rejecting it. Lets get to Martin Fletcher in tel aviv with the latest. Here we are again, martin. But this, i dont know, sounds like baby steps to some kind of resolution. Well, yes, its definitely the most important first move. The egyptian proposal. So since that ceasefire went into effect at 9 00 local time this morning, israel has been fired any rockets into gaza. Israel accepted the ceasefire. But hamas initially rejected the ceasefire. They have fired since the ceasefire since 9 00. They fired more than two dozen rockets into israel. Israel has not yet responded, hoping that the ceasefire will, indeed, take place and that what mags will change their mind. But israeli Prime MinisterBenjamin Netanyahu said this morning if hamas does not agree to the size fear, then he said israel will have all International Legitimacy to do whatever it takes to intensify its fight in gaza, meaning potentially air attacks and the Ground Invasion which everybody has feared. Right now, theres about 194 people dead in gaza. Most of them civilians. There will be much greater civilian loss of life in gaza. As you say, baby steps twadz the cessation of hostilities. The positive thing that is developing at the moment in terms of hamas is yes, they rejected the ceasefire very strongly this morning. In fact, they said they would increase hostilities severely and intensely. But the Political Leadership of hamas just in the last few minutes have said they are indeed considering the proposal and well have to see whether the political wing of hamas are in sync on this. Potentially, a ceasefire could fall into effect during the day. But at the moment, its principle clear israel said yes and hamas said no. Thats weird, though, martin, the way you phrase it. If i had to choose, id choose from the military wing of hamas to accept a ceasefire rather than, i dont know, maybe one you never know who controls whom, i guess. But once you get that, if they ceasefire in the military, there wouldnt be any rockets coming, no . Thats right. Thats what everybody hopes. But the military wick of hamas, the deal proposed doesnt give it any gains. So the question then becomes what is this all about in the last week of fighting . What is it ever all about, martin . I guess we know in the big picture what its about, but it seems like it never accomplishes much. Anyway, we appreciate your reporting this morning. Thank you. All right. Lets get a check on the markets this morning, as well. Weve been watching the futures this morning. Big gains from the markets yesterday. You saw the dow up by 111 points. The dow industrials did hit a record intra day high, up about 13 points shy of a record close, closing at 17,055. The s p was up by 9. 5 yesterday. You can see this morning there are some red arrows. Dow futures down by about 13 points below fair value, s p down by 2 and the nasdaq down by 2. 5. Taking a look at oil prices, yesterday crude oil rose by 8 cents. Its sitting at a twomonth low. This morning its down to 100. 47 a barrel. The tenyear note, weve been watching the yield and the yield snapped a fiveday loogz streak after edging higher yesterday, recovering around 2. 55 . We see the yield this morning at 2. 53 . Right now, if you take a look at the dollar, youll see it is at this point, wow, its a different currency market that were looking at, but it looks like the euro is trading at 1. 3593. The dollar yen is at 101. 56. Gold prices, taking a look at whats been happening with gold, it was down more than 2 for the year. It settled at a 3 1 2 weeks low. This morning, its up by just 6. 1,312. 90 an ounce. Joining us right now is eric wasserstrom, managing director at sun trust robin is on humphrey. What should we be looking for this morning . I think what we saw was a couple of different trends. On the advisory and underwriting side, results were pretty robust. And on the trading side, they certainly ended up being less bad than feared, so i think thats raised expectation aes bit for jp and goldman this morning as we look for their prints. What are the numbers youre looking for . In terms of estimates, from the consensus. I think the consensus is up around 1. 30. I would say thats based on the citigroup results may be a more reasonable level. And for goldman, a little over 3 and i think, again, the consensus is its a bit higher around 3. 20. You think the upside on this, based on what you saw from citigroup . That would be the trend. In particular, the base on expectation for trading markets, both equity and fixed income, was to be down 20 to 25 year over year in the Second Quarter. Citigroup results were more in the 1 is range. Thats raised spec actions for these two names. We hear time and time again this lock of volatility. How clear things have been. It is a big deal when you look at some of these trading desks. Why do you think things could be better given that low volatility . Shaking around, how are they getting around that . Well, i dont know that theyre getting around it. Being down 15 over the course of the year isnt exactly, you know, a stand out level. I think it just means that in the last few weeks of the year, you know, maybe with some of the stabilization, the geopolitical issues and that kind of thing, trading markets were a little less bad than what the expectation was, lets say, in late may, which was around the last time we revised estimates. You know, when you look at our banks versus whats happened in europe, there is this real sense that things have been much better here, have been much better taken care of. Given some of the conditions that were seen in europe, some of the conditions about the banks over the last week or two, does that buy investor will have for some of the u. S. Banks . I think it draws a reasonably start comparison between the policy decision in the states and what weve seen in europe. Both regions have Central Banks that have the market liquidity and liquidity is critical for banks because its what they need to function daytoday. But in terms of the actual cleansing of Balance Sheets and recapitalization, thats something that the fed really forced and the treasury with the t. A. R. P. Program and then the required buyout of t. A. R. P. Would equity with the larger banks. In europe, we havent seen that cleansing process and of course, the strength in the economy isnt enough to bail those banks out with respect to the asset quality issues. Eric, when the numbers come out later this morning for jpm and Goldman Sachs, what numbers will you immediately look at . What lines should we immediately look to see if this is a good report or not . Obviously, in supporting the revenue, everyone will be looking at that trading line, equity and fixed income. The advisory results, the underwriting results and, of course, how they control expenses. Again, citigroup set a high bar there with a very tight comp ratio. So i think thats a number people will migrate to, as well. Thank you so much for joining us today, eric. We appreciate your time. Thanks very much. He mentioned comp ratio. Yes, he did, i noticed that. When we return, joe is going to discover the Container Store sort of. Well explain what all that is about after the break. And then nikes tip of the hat, the future hall of famer ahead of his last allstar game. If you have not seen this commercial, you must return with us in just a moment. Squawk box is coming back. Tip of the cap to the yankee captain who is retiring after this season. The commercial includes cami yoes from michael jordan, tiger woods, mayor giuliani, jayz, some of the mets and even some boston fans. Its going to air during tonights allstar game for derek jeter. You know, even if you dont like the yankees, a lot of people like derek jeter. Carl tweeted it out yesterday. Its an awesome commercial. Did you see the lou gehrig commercial where each first baseman in the major league read a line from lieu gehrigs speech it it was the 76th anniversary. He died less than two years later. He was never seen again. Hes the ironman. So i saw that commercial and i cried. Im not going to be crying with this one. Last nights home run derby was rain delayed, but for the second year in a row, oakland as joudfielder do that for me. Come on yoenis cespedes, the long ball. The reds are now a game and a half out of first place. Are they, really . Yes. Wow. The mets have won eight out of ten, but theyre still five games below. 1 1 2 . A game and a half out. You go. They beat milwaukee in a two out of three. I think they almost swept the cubs. Thats amazing. Last week, andrew and i were off. We didnt get the chance to talk about the Container Store, but we did hear joe was really into that story. He has a container for almost everything and that he even went to check it out for himself. When becky and andrew were away, joe discovers the Container Store. What the hell is the Container Store and why do i care . Its a big store. Is it like a Tupperware Party . And while he was busy watching the world cup this weekend, joes cutout took a trip to the Container Store in northern new jersey. The search was on to find Something Big enough to fit joes head. How about a wicker bin . No. In the clothe hammer section . Nah. Maybe in metal. Negative. This Plastic Thing . Not quite. This one . Way too big. How about a reusable grocery bag . Forget it. But on the last aisle, there it was. The perfect container to fit joes head. Ah, yes, container nevana. We happen to have the official squawk container right here. Why dont we take a look inside. Have you been ive been to the Container Store, yeah. Ive been to that Container Store, in fact. Well, thats nice. The complete idiots guide to the Federal Reserve. I can give this to liesman. It would help, i think. The squawk box blue chip book award. Thats nice. Theres one for you. Wall street, at least its wall street won. This might be for you so you understand other references. And then timely heard of this one. Too big to fail starring william hurt main street took the fall main street but wall street got the check. Yeah, thats what happened. The true story behind the 2008 okay. I wanted you to have that. And wow, oh, my god. Whoa, look at those eyebrows. There we go. Thats nice. Look at you. Look at your hair. Anyway, the Container Store, youve really never been there before . No. You didnt know what it was, really . I didnt know what it was. I talked to the boss about it and she told me penelo penelope. She told me mostly a new york thing because theres so little space and its constricted. I did find some nice glass bottles with corks on top. They have polls with ladies shoes so you can put 50 pairs of ladies shoes. And jewelry holders that you hang in your closet. Big box things. I had never heard about it. I hadnt heard of oh, the family. Marcus. Yeah. I heard it had been saved, but no one told me it was from our guys, which is really thats cool. Did you see our prime time scheduling coming up . Shark tank every night. Oh, yeah . I did not see that. Where were you guys . Sun valley. Yeah, shark tank and then, you know, weve got some new stuff coming. But i think we broke into the top ten of cable shows. Would you want to be leading or me, too. Glad theyre yeah. It might be a cinderella story. Perhaps a little bit after. When we come back this morning, it is show time for Corporate America. Will the Quarterly Results justify the valuations . We have that conversation right after this. And is the Coconut Water crave here to stay . The chinese are buying into it. Founder of vita cocoa will join us in the next hour. Take a look at yesterdays winners and losers. Moderate to severe Crohns Disease is tough, but ive managed. I got to be pretty good at managing my symptoms, except that managing my symptoms was all i was doing. When i finally told my doctor, he said my crohns was not under control. He said humira is for adults like me who have tried other medications but still experience the symptoms of moderate to severe Crohns Disease. And that in clinical studies, the majority of patients on humira saw significant symptom relief. And many achieved remission. [ female announcer ] humira can lower your ability to fight infections, including tuberculosis. Serious, sometimes fatal infections and cancers, including lymphoma, have happened; as have blood, liver, and nervous system problems, serious allergic reactions, and new or worsening Heart Failure. Before treatment, get tested for tb. Tell your doctor if youve been to areas where certain fungal infections are common, and if youve had tb, hepatitis b, are prone to infections, or have flulike symptoms or sores. Dont start humira if you have an infection. If youre still just managing your symptoms, ask your gastroenterologist about humira. With humira, remission is possible. Ask your gastroenterologist about humira. First day of my life by bright eyes youre not just looking for a house. Youre looking for a place for your life to happen. At every ford dealership, youll find the works its a complete checkup of the services your vehicle needs. So prepare your car for any road trip by taking it to an expert ford technician. Because no matter your destination good maintenance helps you save at the pump. Get our multipoint inspection with a Synthetic Blend Oil change, tire rotation, Brake Inspection and more for 29. 95 or less. Get a complete vehicle checkup only at your ford dealer. Good morning. And welcome back to squawk box here on cnbc. Im joe kernen along with becky quick and andrew ross sorkin. Making headlines, albarol is buying rockwood for 85. 53 a share in cash and stock for about 6. 2 billion. Thats a 13 meem yumm based on yesterdays Closing Stock price. Staples announcing it will end a Pilot Program with the u. S. Postal service to set up postal offices in the program. There was a hairs chance of earning a profit and not losing money. Just days ago, the postal workers won the support of the American Federation of teachers which approved a resolution to boycott staples. Why does that seem like a marriage made in heaven . Ness labs encouraging makers of smartphone gadgets to use thread. Nest is trying to lead the way of how future household twices speak to each other. Everyone is trying to develop a standard which makes it hard to develop a standard. Once you have a standard, its a very good thi